Market Analysis

Bitcoin Price Analysis Dec.23: Same Range, Healthy But Fragile

from Crypto Potato 5 years ago 0 0 649

Over the past day, Bitcoin had been trading between $3800 – $4000. As stated on our yesterday’s analysis:

“For the shorter-term, we might see Bitcoin getting closer to the $4000 again, as the 4-hour chart’s Stochastic RSI is about to cross over on the oversold area.”

Bitcoin did revisit the $4000 zone, failing to breach the $4050 – $4100 resistance. The above is a critical level for a chance to re-test prior highs, especially around the $4400 – $4500 area (keep on reading).

Over the past hours, Bitcoin lost momentum, to re-test $3900 prior support. As mentioned before, the 38.2% Fib level of the last bullish move lies around $3800. This was the low of the previous two daily candles. As long as Bitcoin keeps its head above that Fib level, BTC could aim for higher targets.